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Table
of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13
OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission file number 001-38623
PAYSIGN, INC.
(Exact name of registrant as specified in its charter)
Nevada |
95-4550154 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
2615 St. Rose Parkway,
Henderson, Nevada 89052
(Address of principal executive offices) (Zip code)
(702) 453-2221
(Registrant’s telephone number, including
area code)
N/A
(Former name, former address and former fiscal
year, if changed since last report)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each Class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, $0.001 par value per share |
PAYS |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☒ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of
each of the issuer’s classes of common stock, as of the latest practicable date: 53,548,374 shares as of October 31, 2024.
PAYSIGN, INC.
FORM 10-Q REPORT
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
PAYSIGN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
| | | |
| | |
| |
September 30, 2024 (Unaudited) | | |
December 31, 2023 (Audited) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 10,293,207 | | |
$ | 16,994,705 | |
Restricted cash | |
| 100,272,166 | | |
| 92,356,308 | |
Accounts receivable, net | |
| 32,796,871 | | |
| 16,222,341 | |
Other receivables | |
| 1,736,387 | | |
| 1,585,983 | |
Prepaid expenses and other current assets | |
| 2,400,674 | | |
| 2,020,781 | |
Total current assets | |
| 147,499,305 | | |
| 129,180,118 | |
| |
| | | |
| | |
Fixed assets, net | |
| 1,138,492 | | |
| 1,089,649 | |
Intangible assets, net | |
| 11,561,703 | | |
| 8,814,327 | |
Operating lease right-of-use asset | |
| 2,900,611 | | |
| 3,215,025 | |
Deferred tax asset, net | |
| 3,873,953 | | |
| 4,299,730 | |
| |
| | | |
| | |
Total assets | |
$ | 166,974,064 | | |
$ | 146,598,849 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 35,349,723 | | |
$ | 26,517,567 | |
Operating lease liability, current portion | |
| 424,366 | | |
| 383,699 | |
Customer card funding | |
| 100,091,865 | | |
| 92,282,124 | |
Total current liabilities | |
| 135,865,954 | | |
| 119,183,390 | |
| |
| | | |
| | |
Operating lease liability, long-term portion | |
| 2,601,801 | | |
| 2,928,078 | |
| |
| | | |
| | |
Total liabilities | |
| 138,467,755 | | |
| 122,111,468 | |
| |
| | | |
| | |
Commitments and contingencies (Note 8) | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock: $0.001 par value; 25,000,000 shares authorized; none issued and outstanding | |
| – | | |
| – | |
Common stock; $0.001 par value; 150,000,000 shares authorized, 54,324,382 and 53,452,382 issued at September 30, 2024 and December 31, 2023, respectively | |
| 54,324 | | |
| 53,452 | |
Additional paid-in capital | |
| 23,935,238 | | |
| 21,999,722 | |
Treasury stock at cost, 798,008 and 698,008 shares, respectively | |
| (1,638,379 | ) | |
| (1,277,884 | ) |
Retained earnings | |
| 6,155,126 | | |
| 3,712,091 | |
Total stockholders’ equity | |
| 28,506,309 | | |
| 24,487,381 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 166,974,064 | | |
$ | 146,598,849 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
PAYSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues | |
| | | |
| | | |
| | | |
| | |
Plasma industry | |
$ | 11,439,534 | | |
$ | 11,061,712 | | |
$ | 33,080,830 | | |
$ | 30,436,240 | |
Pharma industry | |
| 3,274,888 | | |
| 1,026,270 | | |
| 8,338,433 | | |
| 2,345,068 | |
Other | |
| 542,009 | | |
| 312,343 | | |
| 1,358,841 | | |
| 803,358 | |
Total revenues | |
| 15,256,431 | | |
| 12,400,325 | | |
| 42,778,104 | | |
| 33,584,666 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 6,783,117 | | |
| 6,068,207 | | |
| 19,779,776 | | |
| 16,589,139 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 8,473,314 | | |
| 6,332,118 | | |
| 22,998,328 | | |
| 16,995,527 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 6,217,844 | | |
| 4,696,509 | | |
| 18,149,506 | | |
| 14,946,584 | |
Depreciation and amortization | |
| 1,565,621 | | |
| 1,045,177 | | |
| 4,291,648 | | |
| 2,848,194 | |
Total operating expenses | |
| 7,783,465 | | |
| 5,741,686 | | |
| 22,441,154 | | |
| 17,794,778 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 689,849 | | |
| 590,432 | | |
| 557,174 | | |
| (799,251 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Interest income, net | |
| 800,715 | | |
| 615,324 | | |
| 2,345,416 | | |
| 1,800,388 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax provision | |
| 53,727 | | |
| 105,152 | | |
| 459,555 | | |
| 164,819 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,436,837 | | |
$ | 1,100,604 | | |
$ | 2,443,035 | | |
$ | 836,318 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.03 | | |
$ | 0.02 | | |
$ | 0.05 | | |
$ | 0.02 | |
Diluted | |
$ | 0.03 | | |
$ | 0.02 | | |
$ | 0.04 | | |
$ | 0.02 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 53,450,613 | | |
| 52,548,101 | | |
| 53,102,454 | | |
| 52,404,049 | |
Diluted | |
| 56,051,960 | | |
| 53,484,674 | | |
| 55,613,026 | | |
| 54,286,492 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
PAYSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY
(UNAUDITED)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
Additional Paid-in | | |
Treasury Stock | | |
Retained | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Earnings | | |
Equity | |
Balance, December 31, 2023 | |
| 53,452,382 | | |
$ | 53,452 | | |
$ | 21,999,722 | | |
| (698,008 | ) | |
$ | (1,277,884 | ) | |
$ | 3,712,091 | | |
$ | 24,487,381 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 214,000 | | |
| 214 | | |
| (214 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Stock-based compensation | |
| – | | |
| – | | |
| 663,951 | | |
| – | | |
| – | | |
| – | | |
| 663,951 | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 309,096 | | |
| 309,096 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2024 | |
| 53,666,382 | | |
| 53,666 | | |
| 22,663,459 | | |
| (698,008 | ) | |
| (1,277,884 | ) | |
| 4,021,187 | | |
| 25,460,428 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 106,000 | | |
| 106 | | |
| (106 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Exercise of stock options | |
| 10,000 | | |
| 10 | | |
| 23,990 | | |
| – | | |
| – | | |
| – | | |
| 24,000 | |
Stock-based compensation | |
| – | | |
| – | | |
| 670,138 | | |
| – | | |
| – | | |
| – | | |
| 670,138 | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 697,102 | | |
| 697,102 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2024 | |
| 53,782,382 | | |
| 53,782 | | |
| 23,357,481 | | |
| (698,008 | ) | |
| (1,277,884 | ) | |
| 4,718,289 | | |
| 26,851,668 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 540,000 | | |
| 540 | | |
| (540 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Exercise of stock options | |
| 2,000 | | |
| 2 | | |
| 4,798 | | |
| – | | |
| – | | |
| – | | |
| 4,800 | |
Stock-based compensation | |
| – | | |
| – | | |
| 573,499 | | |
| – | | |
| – | | |
| – | | |
| 573,499 | |
Repurchase of common stock | |
| – | | |
| – | | |
| – | | |
| (100,000 | ) | |
| (360,495 | ) | |
| – | | |
| (360,495 | ) |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,436,837 | | |
| 1,436,837 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2024 | |
| 54,324,382 | | |
$ | 54,324 | | |
$ | 23,935,238 | | |
| (798,008 | ) | |
$ | (1,638,379 | ) | |
$ | 6,155,126 | | |
$ | 28,506,309 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
Additional Paid-in | | |
Treasury Stock | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Deficit | | |
Equity | |
Balance, December 31, 2022 | |
| 52,650,382 | | |
$ | 52,650 | | |
$ | 19,137,281 | | |
| (303,450 | ) | |
$ | (150,000 | ) | |
$ | (2,746,636 | ) | |
$ | 16,293,295 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 118,000 | | |
| 118 | | |
| (118 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Stock-based compensation | |
| – | | |
| – | | |
| 618,244 | | |
| – | | |
| – | | |
| – | | |
| 618,244 | |
Repurchase of common stock | |
| – | | |
| – | | |
| – | | |
| (200,000 | ) | |
| (666,018 | ) | |
| – | | |
| (666,018 | ) |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (160,130 | ) | |
| (160,130 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 52,768,382 | | |
| 52,768 | | |
| 19,755,407 | | |
| (503,450 | ) | |
| (816,018 | ) | |
| (2,906,766 | ) | |
| 16,085,391 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 70,000 | | |
| 70 | | |
| (70 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Exercise of stock options | |
| 4,000 | | |
| 4 | | |
| 9,596 | | |
| – | | |
| – | | |
| – | | |
| 9,600 | |
Stock-based compensation | |
| – | | |
| – | | |
| 830,426 | | |
| – | | |
| – | | |
| – | | |
| 830,426 | |
Repurchase of common stock | |
| – | | |
| – | | |
| – | | |
| (119,558 | ) | |
| (311,649 | ) | |
| – | | |
| (311,649 | ) |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (104,156 | ) | |
| (104,156 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 52,842,382 | | |
| 52,842 | | |
| 20,595,359 | | |
| (623,008 | ) | |
| (1,127,667 | ) | |
| (3,010,922 | ) | |
| 16,509,612 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued upon vesting of restricted stock | |
| 540,000 | | |
| 540 | | |
| (540 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Stock-based compensation | |
| – | | |
| – | | |
| 709,750 | | |
| – | | |
| – | | |
| – | | |
| 709,750 | |
Repurchase of common stock | |
| – | | |
| – | | |
| – | | |
| (75,000 | ) | |
| (150,217 | ) | |
| – | | |
| (150,217 | ) |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,100,604 | | |
| 1,100,604 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 53,382,382 | | |
$ | 53,382 | | |
$ | 21,304,569 | | |
| (698,008 | ) | |
$ | (1,277,884 | ) | |
$ | (1,910,318 | ) | |
$ | 18,169,749 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
PAYSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
| | |
| |
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 2,443,035 | | |
$ | 836,318 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Gain on disposal assets | |
| – | | |
| (4,862 | ) |
Stock-based compensation expense | |
| 1,907,588 | | |
| 2,158,420 | |
Depreciation and amortization | |
| 4,291,648 | | |
| 2,848,194 | |
Noncash lease expense | |
| 314,414 | | |
| 297,822 | |
Deferred income taxes, net | |
| 425,777 | | |
| – | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (16,574,530 | ) | |
| (2,597,107 | ) |
Other receivables | |
| (150,404 | ) | |
| 66,596 | |
Prepaid expenses and other current assets | |
| (379,893 | ) | |
| (545,943 | ) |
Accounts payable and accrued liabilities | |
| 8,832,156 | | |
| 3,556,238 | |
Operating lease liability | |
| (285,610 | ) | |
| (269,017 | ) |
Customer card funding | |
| 7,809,741 | | |
| (2,166,595 | ) |
Net cash provided by operating activities | |
| 8,633,922 | | |
| 4,180,064 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of fixed assets | |
| (318,167 | ) | |
| (218,133 | ) |
Capitalization of internally developed software | |
| (6,647,100 | ) | |
| (4,781,853 | ) |
Purchase of intangible assets | |
| (122,600 | ) | |
| – | |
Net cash used in investing activities | |
| (7,087,867 | ) | |
| (4,999,986 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from exercise of options | |
| 28,800 | | |
| 9,600 | |
Repurchase of common stock | |
| (360,495 | ) | |
| (1,127,884 | ) |
Net cash used in financing activities | |
| (331,695 | ) | |
| (1,118,284 | ) |
| |
| | | |
| | |
Net change in cash and restricted cash | |
| 1,214,360 | | |
| (1,938,206 | ) |
Cash and restricted cash, beginning of period | |
| 109,351,013 | | |
| 89,897,351 | |
| |
| | | |
| | |
Cash and restricted cash, end of period | |
$ | 110,565,373 | | |
$ | 87,959,145 | |
| |
| | | |
| | |
Cash and restricted cash reconciliation: | |
| | | |
| | |
Cash | |
$ | 10,293,207 | | |
$ | 9,936,627 | |
Restricted cash | |
| 100,272,166 | | |
| 78,022,518 | |
Total cash and restricted cash | |
$ | 110,565,373 | | |
$ | 87,959,145 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Non-cash financing activities | |
| | | |
| | |
Cash paid for taxes | |
$ | 107,264 | | |
$ | 185,310 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
PAYSIGN, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION AND SUMMARY
OF SIGNIFICANT POLICIES
The foregoing unaudited interim condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange
Commission (“SEC”). Accordingly, these financial statements do not include all of the disclosures required by GAAP for complete
financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited
financial statements and the notes thereto included on Form 10-K for the year ended December 31, 2023. In the opinion of management,
the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal
recurring nature, necessary for a fair statement of the results for the interim period presented.
The preparation of financial statements in accordance
with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent
assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and
expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of
the Company’s financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions
that could have a material effect on the reported amounts of the Company’s financial position and results of operations.
Operating results for the three and nine months
ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
About Paysign, Inc.
Paysign, Inc. (the “Company,” “Paysign,”
“we” or “our”) was incorporated on August 24, 1995, and trades under the symbol PAYS on The Nasdaq Stock Market
LLC. Paysign is a provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated
payment processing designed for businesses, consumers and government institutions. Headquartered in Nevada, the company creates customized,
innovative payment solutions for clients across all industries, including pharmaceutical, healthcare, hospitality and retail.
Principles of Consolidation – The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances
and transactions have been eliminated.
Segment Reporting – The Company operates
as one business, a vertically integrated provider of prepaid card products and processing services. The Company’s chief operating
decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the
performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating
segment and single reportable segment for accounting and financial reporting purposes
Use of Estimates – The preparation
of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that
affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the
condensed consolidated financial statements, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
Cash and Cash Equivalents – The Company
considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash
equivalents for the purposes of the statement of cash flows. The Company had no cash equivalents at September 30, 2024 and December 31,
2023.
Restricted Cash – At September 30,
2024 and December 31, 2023, restricted cash consisted of funds held specifically for our card product and pharma programs that are regulatory
required or contractually restricted to use. The Company includes changes in restricted cash balances with cash and cash equivalents when
reconciling the beginning and ending total amounts in our condensed consolidated statements of cash flows.
Reimbursement
Receivables – As of September 30, 2024 and December 31, 2023, accounts receivable included $29,136,803
and $14,111,655,
respectively, of customer reimbursement balances of pass-through claims, which are fully offset in accounts payable and accrued liabilities.
Accounts receivable also include accruals and trade receivables for program management and processing fees that have terms pursuant
to their related contracts.
Concentrations of Credit Risk – Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and
restricted cash. The Company maintains its cash and cash equivalents and restricted cash in various bank accounts primarily with one financial
institution in the United States, which at times may exceed federally insured limits. If this financial institution were to be placed
into receivership, we may be unable to access the cash we have on deposit. If we are unable to access our cash and cash equivalents as
needed, our financial position and ability to operate our business could be adversely affected. The Company has not experienced, nor does
it anticipate any losses with respect to such accounts. At September 30, 2024 and December 31, 2023, the Company had approximately
$43,104 and $59,958,918, respectively, in excess of federally insured bank account limits. In February of 2024, the Company initiated
a program with one of our financial institutions called deposit swapping, where the financial institution utilizes a third-party who is
participating in reciprocal deposit networks. This program is an alternative way for our financial institution to offer us full Federal
Deposit Insurance Corporation (“FDIC”) insurance on deposits over $250,000. Under this program, deposit networks divide uninsured
deposits into smaller units and distribute these monies among participating banks in the network, where the monies are fully FDIC insured.
As of September 30, 2024, the Company also had
a concentration of accounts receivable risk. Two pharma program customers associated with our pharma patient affordability programs each
individually represented 20% and 18% of our accounts receivable balance. Two pharma program customers each individually represented 30%
and 12% of our accounts receivable balance on December 31, 2023. These accounts receivable balances relate to passthrough claim reimbursements
that have been paid on behalf of the pharma program customers.
Fixed Assets – Fixed assets are stated
at cost less accumulated depreciation. Depreciation is principally recorded using the straight-line method over the estimated useful life
of the asset, which is generally 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Leasehold improvements
are capitalized and depreciated over the shorter of the remaining lease term or the estimated useful life of the improvements. Expenditures
for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation
are removed from the accounts and any gain or loss is reflected in other income (expense).
The Company periodically evaluates whether events
and circumstances have occurred that may warrant revision of the estimated useful life of fixed assets or whether the remaining balance
of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over
the remaining life of the fixed assets in measuring their recoverability.
Intangible Assets – For intangible
assets, the Company recognizes an impairment loss if the carrying amount of the intangible asset is not recoverable and exceeds its fair
value. The carrying amount of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows
expected to result from the use of the asset.
Intangible assets with a finite life are amortized
on a straight-line basis over each asset’s estimated useful life, which is generally 3 to 15 years.
Internally Developed Software Costs –
Computer software development costs are expensed as incurred, except for internal use software or website development costs that qualify
for capitalization as described below, and include compensation and related expenses, costs of hardware and software, and costs incurred
in developing features and functionality.
For computer software developed or obtained for
internal use, costs that are incurred in the preliminary project and post implementation stages of software development are expensed as
incurred. Costs incurred during the application and development stage are capitalized. Capitalized costs are amortized using the straight-line
method over a three year estimated useful life, beginning in the period in which the software is available for use.
Contract Assets – Incremental
costs to obtain or fulfill a contract with a customer are capitalized. The Company determines the costs that are incremental by confirming
the costs (i) are directly related to a customer’s contract, (ii) generate or enhance resources to fulfill contract performance
obligations in the future, and (iii) are recoverable. Amortization is on a straight-line basis generally over three to five years, beginning
when goods and services are transferred to the customer or group of customers.
Hosting Implementation –
Costs to implement the cloud computing arrangements (the “hosting site”) are accounted for by following the same model as
internally developed software costs. Costs that are incurred in the preliminary project and post implementation stages of hosting development
are expensed when they are incurred. Costs incurred during the application and development stage are capitalized. Capitalized costs are
amortized using the straight-line method over a three-year estimated useful life, beginning in the period when the hosting site is available
for use.
Customer Card Funding – As of September
30, 2024 and December 31, 2023, customer card funding represents funds loaded or available to be loaded on cards for the Company’s
card product programs.
Earnings Per Share – Basic earnings
per share exclude any dilutive effects of options, warrants, and convertible securities. Basic earnings per share is computed using the
weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is computed using the weighted-average
number of common and common stock equivalent shares outstanding during the period using the treasury stock method. Common stock equivalent
shares are excluded from the computation if their effect on the diluted earnings per share calculation is anti-dilutive.
Revenue and Expense Recognition –
In determining when and how revenue is recognized from contracts with customers, the Company performs the following five-step analysis:
(i) identification of contracts with customers; (ii) determination of performance obligations; (iii) measurement of the transaction price;
(iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies
each performance obligation.
The Company generates revenues from plasma card
programs through fees generated from cardholder fees and interchange fees. Revenues from pharma card programs are generated through card
program management fees, transaction claims processing fees, interchange fees, and settlement income. Other revenues are generated through
cardholder fees, interchange fees, program management fees, load fees and breakage.
Plasma and pharma card program revenues include
both fixed and variable components. Cardholder fees represent an obligation to the cardholder based on a per transaction basis and are
recognized at a point in time when the performance obligation is fulfilled. Card program management fees and transaction claims processing
fees include an obligation to our card program sponsors and are generally recognized when earned on a monthly basis and are typically
due within 30 days pursuant to the contract terms which are generally multi-year contracts. The Company uses the output method to recognize
card program management fee revenue at the amount of consideration to which an entity has a right to invoice. The performance obligation
is satisfied when the services are transferred to the customer which the Company determined to be monthly, as the customer simultaneously
receives and consumes the benefit from the Company’s performance. Interchange fees are earned when customer-issued cards are processed
through card payment networks as the nature of our promise to the customer is that we stand ready to process transactions at the customer’s
requests on a daily basis over the contract term. Since the timing and quantity of transactions to be processed by us are not determinable,
we view interchange fees to comprise an obligation to stand ready to process as many transactions as the customer requests. Accordingly,
the promise to stand ready is accounted for as a single series performance obligation. The Company uses the right to invoice practical
expedient and recognizes interchange fee revenue concurrent with the processing of card transactions. Interchange fees are settled in
accordance with the card payment network terms and conditions, which is typically within a few days.
The portion of the dollar value of prepaid-stored
value cards that consumers do not ultimately redeem are referred to as breakage. In certain card programs where we hold the cardholder
funds and expect to be entitled to a breakage amount, we recognize revenue using estimated breakage rates ratably over the estimated card
life; provided that a significant reversal of the amount of breakage revenue recognized is not probable, and record adjustments to such
estimates when redemption is remote or we are legally defeased of the obligation, if applicable. For each program, we utilize a third
party to estimate breakage rates based on historical redemption patterns, market-specific trends, escheatment rules and existing economic
conditions. The Company accounts for breakage in accordance with Accounting Standards Update (“ASU”) 2016-04, Liabilities—Extinguishment
of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards for the recognition of such revenue.
Breakage revenue is recorded in other revenue on the consolidated statements of operations and was $19,331 and $106,117 for the three
and nine months ended September 30, 2024, respectively. Breakage revenue was $0 for the three and nine months ended September 30, 2023.
The Company utilizes the remote method of revenue
recognition for settlement income whereby the unspent balances will be recognized as revenue at the expiration of the cards or the respective
card program. This has primarily been associated with the pharma prepaid business which ended in 2022. The Company records all revenue
on a gross basis since it is the primary obligor and establishes the price in the contract arrangement with its customers. The Company
is currently under no obligation to refund any fees, and the Company does not currently have any obligations for disputed claim settlements.
Given the nature of the Company’s services and contracts, generally it has no contract assets. Settlement income was $0 for the
three and nine months ended September 30, 2024 and $211 for the three and nine months ended September 30, 2023.
Cost of revenues is comprised of transaction processing
fees, data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service, program
management, application integration setup, fraud charges, and sales and commission expense.
Operating Leases – The Company determines
if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs.
In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a
period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially
all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified
asset.
In determining the present value of lease payments
at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit
in the lease is readily determinable. The liability for operating leases is based on the present value of future lease payments. Operating
lease expenses are recorded as rent expense, which is included within selling, general and administrative expenses within the consolidated
statements of operations and presented as operating cash outflows within the consolidated statements of cash flows.
Leases with an initial term of 12 months or less
are not recorded on the balance sheet, with lease expense for these leases recognized on a straight-line basis over the lease term.
Stock-Based Compensation – The Company
recognizes compensation expense for all restricted stock awards and stock options. The fair value of restricted stock awards is measured
using the grant date trading price of our stock. The fair value of stock options is estimated at the grant date using the Black-Scholes
option-pricing model, and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service
period. We have elected to recognize compensation expense for all options with graded vesting on a straight-line basis over the vesting
period of the entire option. The determination of fair value using the Black-Scholes pricing model is affected by our stock price as well
as assumptions regarding a number of complex and subjective variables, including expected stock price volatility and the risk-free interest
rate.
Recently Issued Accounting Pronouncement –
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes – Improvements
to Income Tax Disclosures”, requiring enhancements and further transparency to certain income tax disclosures, most notably
the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024
on a prospective basis and retrospective application is permitted. We are currently evaluating the impact of the adoption of this standard.
In November 2023, the FASB issued ASU 2023-07,
“Improvements to Reportable Segment Disclosures”, which expands reportable segment disclosure requirements, primarily through
enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant
segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other
segment items by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses
the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures
are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning
after December 15, 2024. Retrospective application is required, and early adoption is permitted. The Company is currently evaluating the
effect the updated guidance will have on the Company's financial statement disclosures as the Company has a single reportable segment.
2. FIXED
ASSETS, NET
Fixed assets consisted of the following:
Schedule of fixed assets | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Equipment | |
$ | 2,597,744 | | |
$ | 2,399,243 | |
Software | |
| 461,496 | | |
| 345,057 | |
Furniture and fixtures | |
| 762,144 | | |
| 757,662 | |
Website costs | |
| 69,881 | | |
| 69,881 | |
Leasehold improvements | |
| 236,904 | | |
| 236,904 | |
| |
| 4,128,169 | | |
| 3,808,747 | |
Less: accumulated depreciation | |
| (2,989,677 | ) | |
| (2,719,098 | ) |
Fixed assets, net | |
$ | 1,138,492 | | |
$ | 1,089,649 | |
Depreciation expense for the three months ended
September 30, 2024 and 2023 was $91,401 and $107,967, respectively. Depreciation expense for the nine months ended September 30, 2024
and 2023 was $269,324 and $323,928, respectively
3. INTANGIBLE ASSETS, NET
Intangible assets consisted of the following:
Schedule of intangible assets | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Patents and trademarks | |
$ | 38,186 | | |
$ | 38,186 | |
Platform | |
| 27,038,218 | | |
| 20,391,118 | |
Customer lists and contracts | |
| 1,177,200 | | |
| 1,177,200 | |
Licenses | |
| 216,901 | | |
| 216,901 | |
Hosting implementation | |
| 43,400 | | |
| 43,400 | |
Contract assets | |
| 272,600 | | |
| 150,000 | |
| |
| 28,786,505 | | |
| 22,016,805 | |
Less: accumulated amortization | |
| (17,224,802 | ) | |
| (13,202,478 | ) |
Intangible assets, net | |
$ | 11,561,703 | | |
$ | 8,814,327 | |
Intangible assets are
amortized over their useful lives ranging from periods of 3 to 15 years. Amortization expense for the three months ended September 30,
2024 and 2023 was $1,474,220 and $937,210, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was
$4,022,324 and $2,524,266, respectively.
4. LEASE
The Company entered into an operating lease for
an office space which became effective in June 2020. The lease term is 10 years from the effective date and allows for two optional extensions
of five years each. The two optional extensions are not recognized as part of the right-of-use asset or lease liability since it is not
reasonably certain that the Company will extend this lease. As of September 30, 2024, the remaining lease term was 5.7 years and the discount
rate was 6%.
Operating lease cost included in selling, general
and administrative expenses for the three months ended September 30, 2024 and 2023 was $190,603
and $186,470, respectively. Operating
lease cost included in selling, general and administrative expenses for the nine months ended September 30, 2024 and 2023 was $568,642
and $565,905, respectively.
The following is the lease maturity analysis of our operating lease
as of September 30, 2024:
Year ending December 31,
Schedule of lease maturity | |
| |
2024 (excluding the nine months ended September 30, 2024) | |
$ | 142,992 | |
2025 | |
| 612,006 | |
2026 | |
| 640,604 | |
2027 | |
| 640,604 | |
2028 | |
| 640,604 | |
Thereafter | |
| 907,523 | |
Total lease payments | |
| 3,584,333 | |
Less: Imputed interest | |
| (558,166 | ) |
Present value of future lease payments | |
| 3,026,167 | |
Less: current portion of lease liability | |
| (424,366 | ) |
Long-term portion of lease liability | |
$ | 2,601,801 | |
5. CUSTOMER CARD FUNDING LIABILITY
The Company issues prepaid cards with various
provisions for cardholder fees or expiration. Revenue generated from cardholder transactions and interchange fees are recognized when
the Company’s performance obligation is fulfilled. Unspent balances left on pharma cards are recognized as settlement income at
the expiration of the cards and the card program. Contract liabilities related to prepaid cards represent funds on card and client funds
held to be loaded to card before the amounts are ultimately spent by the cardholders or recognized as revenue by the Company. Contract
liabilities related to prepaid cards are reported as customer card funding liability on the condensed consolidated balance sheet.
The opening and closing balances of the Company's liabilities were
as follows:
Schedule of contract liabilities | |
| | |
| |
| |
Nine months ended September 30, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 92,282,124 | | |
$ | 80,189,113 | |
Increase (decrease), net | |
| 7,809,741 | | |
| (2,166,595 | ) |
Ending balance | |
$ | 100,091,865 | | |
$ | 78,022,518 | |
The amount of revenue recognized during the nine
months ended September 30, 2024 and 2023 that was included in the opening contract liability for prepaid cards was $2,319,630 and $2,020,224,
respectively.
6. COMMON STOCK
At September 30, 2024, the Company's authorized
capital stock was 150,000,000 shares of common stock, par value $0.001 per share, and 25,000,000 shares of preferred stock, par value
$0.001 per share. On that date, the Company had 54,324,382 shares of common stock issued and 53,526,374 shares of common stock outstanding,
and no shares of preferred stock outstanding.
Stock-based compensation expense related to Company
grants for the three months ended September 30, 2024 and 2023 was $573,499 and $709,750, respectively. Stock-based compensation expense
related to Company grants for the nine months ended September 30, 2024 and 2023 was $1,907,588 and $2,158,420, respectively.
2024 Transactions
– During the three and nine months ended September 30, 2024, the Company issued 542,000 and 872,000 shares of common stock, respectively,
for vested stock awards and the exercise of stock options. The Company received proceeds during the three and nine months ended September
30, 2024 of $4,800 and $28,800, respectively, for the exercise of stock options.
During the three and
nine months ended September 30, 2024 the Company repurchased 100,000 shares of its common stock at a cost of $360,495 or weighted average
price of $3.60 per share.
The Company granted 140,000 restricted stock awards
during the three months ended September 30, 2024; the weighted average grant date fair value was $4.30. The Company granted 620,000 restricted
stock awards during the nine months ended September 30, 2024; the weighted average grant date fair value was $3.71. The restricted stock
awards granted vest over a period of eight months to five years.
2023 Transactions
– During the three and nine months ended September 30, 2023, the Company issued 540,000 and 732,000 shares of common stock, respectively,
for vested stock awards and the exercise of stock options. The Company received proceeds of $9,600 for the exercise of stock options.
During the three and
nine months ended September 30, 2023 the Company repurchased 75,000 and 394,558 shares of its common stock at a cost of $150,217 or weighted
average price of $2.00 and $1,127,884 or weighted average price of $2.86 per share, respectively.
The Company also granted 0 and 350,000 restricted
stock awards, respectively, during the three and nine months ended September 30, 2023. The stock awards granted, have a weighted average
grant date fair value of $2.96 and vest over a period of two months to five years.
7. BASIC AND FULLY
DILUTED NET INCOME PER COMMON SHARE
The following table sets forth the computation
of basic and fully diluted net income per common share for the three and nine months ended September 30, 2024 and 2023:
Schedule of computation of earning per share | |
| | |
| | |
| | |
| |
| |
Three Months Ended
September 30, | | |
Nine months ended
September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | |
| | |
| | |
| |
Net income | |
$ | 1,436,837 | | |
$ | 1,100,604 | | |
$ | 2,443,035 | | |
$ | 836,318 | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares: | |
| | | |
| | | |
| | | |
| | |
Denominator for basic calculation | |
| 53,450,613 | | |
| 52,548,101 | | |
| 53,102,454 | | |
| 52,404,049 | |
Weighted average effects of potentially diluted common stock: | |
| | | |
| | | |
| | | |
| | |
Stock options (calculated using the treasury method) | |
| 1,089,063 | | |
| 472,791 | | |
| 991,804 | | |
| 745,193 | |
Unvested restricted stock grants | |
| 1,512,284 | | |
| 463,782 | | |
| 1,518,768 | | |
| 1,137,250 | |
Denominator for fully diluted calculation | |
| 56,051,960 | | |
| 53,484,674 | | |
| 55,613,026 | | |
| 54,286,492 | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.03 | | |
$ | 0.02 | | |
$ | 0.05 | | |
$ | 0.02 | |
Fully diluted | |
$ | 0.03 | | |
$ | 0.02 | | |
$ | 0.04 | | |
$ | 0.02 | |
8. COMMITMENTS AND CONTINGENCIES
From time to time, we may become involved in various
lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these or other matters may arise from time to time that may harm our business.
The Company has been named as a defendant in three
securities class action complaints filed in the United States District Court for the District of Nevada: Yilan Shi v. Paysign, Inc. et
al., filed on March 19, 2020 (“Shi”), Lorna Chase v. Paysign, Inc. et al., filed on March 25, 2020 (“Chase”),
and Smith & Duvall v. Paysign, Inc. et al., filed on April 2, 2020 (collectively, the “Complaints” or “Securities
Class Action”). Smith & Duvall v. Paysign, Inc. et al. was voluntarily dismissed on May 21, 2020. On May 18, 2020, the Shi plaintiffs
and another entity called the Paysign Investor Group each filed a motion to consolidate the remaining Shi and Chase actions and to be
appointed lead plaintiff. The Complaints are putative class actions filed on behalf of a class of persons who acquired the Company’s
common stock from March 19, 2019 through March 31, 2020, inclusive. The Complaints generally allege that the Company, Mark R. Newcomer,
and Mark Attinger violated Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that
Messrs. Newcomer and Attinger violated Section 20(a) of the Exchange Act, by making materially false or misleading statements, or failing
to disclose material facts, regarding the Company’s internal control over financial reporting and its financial statements. The
Complaints seek class action certification, compensatory damages, and attorney’s fees and costs. On December 2, 2020, the Court
consolidated Shi and Chase as In re Paysign, Inc. Securities Litigation and appointed the Paysign Investor Group as lead plaintiff. On
January 12, 2021, Plaintiffs filed an Amended Complaint in the consolidated action. Defendants filed a Motion to Dismiss the Amended Complaint
on March 15, 2021. On February 9, 2023, the Court granted in part and denied in part Defendants’ Motion to Dismiss. On May 22, 2023,
Defendants filed an Answer to the Amended Complaint. On December 15, 2023, the parties agreed in principle to a proposed settlement of
the Securities Class Action and Plaintiffs filed a Consented Motion for Preliminary Approval of Settlement. On January 4, 2024, the Court
preliminarily approved a settlement in the amount of $3,750,000, the entirety of which came from the Company’s directors-and-officers
insurance policy, for the referenced class of purchasers, and scheduled a final approval hearing for April 17, 2024. On April 17, 2024,
the Court conducted the final approval hearing and approved the settlement and, on April 18, 2024, issued an order and final judgment
thereon.
The Company has also been named as a nominal defendant
in four stockholder derivative actions currently pending in the United States District Court for the District of Nevada. The first-filed
derivative action is entitled Andrzej Toczek, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. and was filed on September
17, 2020. This action alleges violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste,
largely in connection with the failure to correct information technology controls over financial reporting alleged in the Securities Class
Action, thereby causing the Company to face exposure in the Securities Class Action. The complaint also alleges insider trading violations
against certain individual defendants. The second-filed derivative action is entitled John K. Gray, derivatively on behalf of Paysign,
Inc. v. Mark Attinger, et al. and was filed on May 9, 2022. This action involves the same alleged conduct raised in the Toczek action
and asserts claims for breach of fiduciary duty in connection with financial reporting, breach of fiduciary duty in connection with alleged
insider trading against certain individual defendants, and unjust enrichment. On June 3, 2022, the Court approved a stipulation staying
the action until the Court in the consolidated Securities Class Action issued a ruling on the Motion to Dismiss. On May 10, 2023, the
Toczek and Gray actions were consolidated.
The Company has also been named as a nominal defendant
in a third stockholder derivative action initially filed in state court in Clark County, Nevada, on October 2, 2023, entitled Simone Blanchette,
derivatively on behalf of Paysign, Inc. v. Mark Newcomer, et al, which the defendants subsequently removed to federal district court in
Nevada pursuant to a Notice of Removal filed on October 10, 2023. That complaint makes substantially the same allegations as made in the
consolidated Toczek and Gray actions, and also contains a claim that the individual defendants violated Section 10(b) and Rule 10b-5 promulgated
thereunder. On December 7, 2023, the parties requested that the action be stayed for sixty days due to the settlement negotiations in
the consolidated Toczek and Gray actions, and the Court granted the sixty-day stay on December 11, 2023. Subsequently, the Court extended
that deadline to March 29, 2024 and then to May 29, 2024 based upon the parties’ stipulations.
The Company has also been named as a nominal defendant
in a fourth stockholder derivative action in the United States District Court for the District of Nevada, filed on December 27, 2023,
entitled Mo Jeewa, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. That complaint makes substantially the same allegations
as made in the consolidated Toczek and Gray actions and the Blanchette action discussed above, and alleges breach of fiduciary duty and
unjust enrichment.
On October 4, 2024, the parties to the four shareholder
derivative actions agreed to a mediator’s proposal to settle all four actions. The parties are currently in the process of documenting
that settlement and intend to submit the proposed settlement to the district court for approval pursuant to Rule 23.1 of the Federal Rules
of Civil Procedure.
The four shareholder derivative actions settled
by the Company agree to certain corporate therapeutics and the payment of a total of $607,500 in attorneys’ fees split among counsel
in all four of the existing derivative actions, which will be paid by the Company’s insurer.
9. INCOME TAX
The effective tax rates for the three months and
nine months ended September 30, 2024 and September 30, 2023 were based on the Company’s forecasted annualized effective tax rates
and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the three months and nine
months ended September 30, 2024 varies from the three months and nine months ended September 30, 2023 primarily as a result of tax benefits
related to the Company’s stock-based compensation and changes to the Company’s valuation allowance recorded on its net deferred
tax assets.
Under the provisions of the Coronavirus Aid, Relief,
and Economic Security Act (the “CARES Act”) signed into law in 2020 and the subsequent extension of the CARES Act through
September 30, 2021, the Company was eligible for a refundable employee retention credit subject to certain criteria. The Company has elected
an accounting policy to recognize the government assistance when it is probable that the Company is eligible to receive the assistance
and present the credit as a reduction of the related expense. As of September 30, 2024 and December 31, 2023, the Company recorded $1,129,164
in other receivables on the condensed consolidated balance sheet related to U.S. Federal Government refunds.
Item
2. Management’s discussion and analysis of financial condition and results of operations.
Disclosure Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q includes forward
looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (“Forward-Looking Statements”).
All statements other than statements of historical fact included in this report are Forward-Looking Statements. These Forward-Looking
Statements are based on our current expectations, assumptions, estimates and projections about our business and our industry. Words such
as “believe,” “anticipate,” “expect,” “intend,” “plan,” “propose,”
“may,” and other similar expressions identify Forward-Looking Statements. Specific forward-looking statements made herein
include our belief that we do not anticipate any losses with respect to accounts with balances exceeding federally insured limits; our
expected lease obligations for subsequent years; our belief that our platform can be seamlessly integrated with our clients’ systems;
our belief that our distinctive positioning allows us to provide end-to end technologies that securely manage transaction processing,
cardholder enrollment, value loading, account management, data and analytics, and customer service; our belief that our architecture
is known for its cross-platform compatibility, flexibility, and scalability – allowing our clients and partners to leverage these
advantages for cost savings and revenue opportunities; our expectation that in the future we will expand our product into other prepaid
card offerings such as travel cards and expense reimbursement cards; our focus of our marketing efforts on corporate incentive and expense
prepaid card products in various market verticals; our plan for 2024 to continue to invest additional funds in technology improvements,
sales and marketing, cybersecurity, fraud, customer service, and regulatory compliance; our belief that from time to time we evaluate
raising capital to enable us to diversify into new market verticals; our belief that if we do not raise new capital, that we will still
be able to support our existing business and expand into new vertical markets using internally generated funds; our belief that the following
measures are the primary indicators of our quarterly and annual revenues: gross dollar volume on loaded cards and conversion rates on
gross dollar volume loaded on cards; our belief that the following are also key performance indicators: revenues, gross profit, operational
expenses as a percent of revenues, cardholder participation, and EBITDA; and our belief that our available cash on hand, excluding restricted
cash, along with our forecast for revenues and cash flows for the remainder of 2024 and through the third quarter of 2026, will be sufficient
to sustain our operations for the next 24 months. In the normal course of our business, we, in an effort to help keep our stockholders
and the public informed about our operations, may from time-to-time issue certain statements, either in writing or orally, that contain,
or may contain, Forward-Looking Statements. Although we believe that the expectations reflected in such Forward-Looking Statements are
reasonable, we can give no assurance that such expectations will prove to have been correct. In addition, any statements that refer to
expectations, projections, estimates, forecasts, or other characterizations of future events or circumstances are Forward-Looking Statements.
These Forward-Looking Statements are subject to certain risks and uncertainties that could cause actual results to differ materially
from those reflected in the Forward-Looking Statements. Such important factors (“Important Factors”) and other factors are
disclosed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in other reports
filed with the Securities and Exchange Commission (the “SEC”) from time to time. All prior and subsequent written and oral
Forward-Looking Statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Important
Factors described below that could cause actual results to differ materially from our expectations as set forth in any Forward-Looking
Statement made by or on behalf of us. You are cautioned not to place undue reliance on these Forward-Looking Statements, which relate
only to events as of the date on which the statements are made. We undertake no obligation to publicly revise these Forward-Looking Statements
to reflect events or circumstances that arise after the date hereof. You should refer to and carefully review the information in future
documents we file with the SEC.
Overview
Paysign, Inc. (the “Company,” “Paysign,”
“we” or “our”), headquartered in Nevada, was incorporated on August 24, 1995, and trades under the symbol PAYS
on The Nasdaq Stock Market LLC. We are a vertically integrated provider of prepaid card products and processing services for corporate,
consumer and government applications. Our payment solutions are utilized by our corporate customers as a means to increase customer loyalty,
increase patient adherence rates, reduce administration costs and streamline operations. Public sector organizations can utilize our payment
solutions to disburse public benefits or for internal payments. We market our prepaid card solutions under our Paysign® brand. As
we are a payment processor and prepaid card program manager, we derive our revenue from all stages of the prepaid card lifecycle.
We operate on a powerful, high-availability payments
platform with cutting-edge fintech capabilities that can be seamlessly integrated with our clients’ systems. This distinctive positioning
allows us to provide end-to-end technologies that securely manage transaction processing, cardholder enrollment, value loading, account
management, data and analytics, and customer service. Our architecture is known for its cross-platform compatibility, flexibility, and
scalability – allowing our clients and partners to leverage these advantages for cost savings and revenue opportunities.
Our suite of product offerings includes solutions
for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation,
clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, and demand deposit accounts accessible with
a debit card. In the future, we expect to further expand our product into other prepaid card offerings such as travel cards and expense
reimbursement cards. Our cards are sponsored by our issuing bank partners.
Our revenues include fees generated from cardholder
fees, interchange, card program management fees, transaction claims processing fees, breakage, and settlement income. Revenue from cardholder
fees, interchange, card program management fees, and transaction claims processing fees is recorded when the performance obligation is
fulfilled. Breakage is recorded ratably over the estimated card life based on historical redemption patterns, market-specific trends,
escheatment rules, and existing economic conditions and relates solely to our open-loop gift card business which began at the end of 2022.
Settlement income is recorded at the expiration of the card or card program and relates primarily to our pharma prepaid business which
ended in 2022.
We have two categories for our prepaid debit cards:
(1) corporate and consumer reloadable cards, and (2) non-reloadable cards.
Reloadable Cards: These types of cards are generally
classified as payroll or considered general purpose reloadable (“GPR”) cards. Payroll cards are issued by an employer to an
employee in order to allow the employee to access payroll amounts that are deposited into an account linked to their card. GPR cards can
also be issued to a consumer at a retail location or mailed to a consumer after completing an on-line application. GPR cards can be reloaded
multiple times with a consumer’s payroll, government benefit, a federal or state tax refund or through cash reload networks located
at retail locations. Reloadable cards are generally open-loop cards as described below.
Non-Reloadable Cards: These are generally one-time
use cards that are only active until the funds initially loaded to the card are spent. These types of cards are generally used as gift
or incentive cards. Typically, these types of cards are used for the purchase of goods or services at retail locations and cannot be used
to receive cash.
Both reloadable and non-reloadable cards may be
open-loop, closed-loop, or restricted-loop. Open-loop cards can be used to receive cash at ATM locations by PIN; or purchase goods or
services by PIN or signature at retail locations virtually anywhere that the network brand (American Express, Discover, Mastercard, Visa,
etc.) is accepted. Closed-loop cards can only be used at a specific merchant. Restricted-loop cards can be used at several merchants,
or a defined group of merchants, such as all merchants at a specific shopping mall.
The prepaid card market in the United States has
experienced significant growth in recent years due to consumers and merchants embracing improved technology, greater convenience, more
product choices and greater flexibility. Prepaid cards have also proven to be an attractive alternative to traditional bank accounts for
certain segments of the population, particularly those without, or who could not qualify for, a checking or savings account.
We manage all aspects of the prepaid card lifecycle,
from managing the card design and approval processes with partners and networks, to production, packaging, distribution, and personalization.
We also oversee inventory and security controls, renewals, lost and stolen card management, and replacement. We employ a 24/7/365 fully
staffed, in-house customer service department which utilizes bilingual customer service representatives, Interactive Voice Response, and
two-way short message service messaging and text alerts.
Currently, we are focusing our marketing efforts
on corporate incentive and expense prepaid card products in various market verticals including but not limited to general corporate expense,
healthcare related markets including patient affordability solutions, clinical trials and donor compensation, loyalty rewards, and incentive
cards.
As part of our continuing platform expansion process,
we evaluate current and emerging technologies for applicability to our existing and future software platform. To this end, we engage with
various hardware and software vendors in evaluation of various infrastructure components. Where appropriate, we use third-party technology
components in the development of our software applications and service offerings. Third-party software may be used for highly specialized
business functions, which we may not be able to develop internally within time and budget constraints. Our principal target markets for
processing services include prepaid card issuers, retail and private-label issuers, small third-party processors, and small and mid-size
financial institutions in the United States and Mexico.
We have devoted more extensive resources to sales
and marketing activities as we have added essential personnel to our marketing, sales and support teams. We market our Paysign payment
solutions through direct marketing by the Company’s sales team. Our primary market focus is on companies that require a streamlined
payment solution for rewards, rebates, payment assistance, and other payments to their customers, employees, agents and others. To reach
these markets, we focus our sales efforts on direct contact with our target market and attendance at various industry specific conferences.
We may, at times, utilize independent contractors who make direct sales and are paid commissions and/or restricted stock awards. We market
our Paysign premier product through existing communication channels to a targeted segment of our existing cardholders, as well as to a
broad group of individuals, ranging from non-banked to fully banked consumers with a focus on long term users of our product.
In 2024, we plan to continue to invest additional
funds in technology improvements, sales and marketing, cybersecurity, fraud, customer service, and regulatory compliance. From time to
time, we evaluate raising capital to enable us to diversify into new market verticals. If we do not raise new capital, we believe that
we will still be able to support our existing business and expand into new vertical markets using internally generated funds.
Results of Operations
Comparison of the Three Months Ended September
30, 2024 to the Three Months Ended September 30, 2023
The following table summarizes our consolidated financial results for
the three months ended September 30, 2024 in comparison to the three months ended September 30, 2023:
| |
Three Months Ended September 30, (Unaudited) | | |
Variance | |
| |
2024 | | |
2023 | | |
$ | | |
% | |
Revenues | |
| | | |
| | | |
| | | |
| | |
Plasma industry | |
$ | 11,439,534 | | |
$ | 11,061,712 | | |
$ | 377,822 | | |
| 3.4% | |
Pharma industry | |
| 3,274,888 | | |
| 1,026,270 | | |
| 2,248,618 | | |
| 219.1% | |
Other | |
| 542,009 | | |
| 312,343 | | |
| 229,666 | | |
| 73.5% | |
Total revenues | |
| 15,256,431 | | |
| 12,400,325 | | |
| 2,856,106 | | |
| 23.0% | |
Cost of revenues | |
| 6,783,117 | | |
| 6,068,207 | | |
| 714,910 | | |
| 11.8% | |
Gross profit | |
| 8,473,314 | | |
| 6,332,118 | | |
| 2,141,196 | | |
| 33.8% | |
Gross margin % | |
| 55.5% | | |
| 51.1% | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 6,217,844 | | |
| 4,696,509 | | |
| 1,521,335 | | |
| 32.4% | |
Depreciation and amortization | |
| 1,565,621 | | |
| 1,045,177 | | |
| 520,444 | | |
| 49.8% | |
Total operating expenses | |
| 7,783,465 | | |
| 5,741,686 | | |
| 2,041,779 | | |
| 35.6% | |
Income from operations | |
$ | 689,849 | | |
$ | 590,432 | | |
$ | 99,417 | | |
| 16.8% | |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
$ | 800,715 | | |
$ | 615,324 | | |
$ | 185,391 | | |
| 30.1% | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,436,837 | | |
$ | 1,100,604 | | |
$ | 336,233 | | |
| 30.5% | |
Net margin % | |
| 9.42% | | |
| 8.9% | | |
| | | |
| | |
The increase in total revenues of $2,856,106 for
the three months ended September 30, 2024 compared to the same period in the prior year consisted primarily of a $377,822 increase in
plasma revenue, a $2,248,618 increase in pharma revenue, and a $229,666 increase in other revenue. The increase in plasma revenue was
primarily due to the addition of 16 net new plasma centers since September 30, 2023 and rise in the number of donations at existing plasma
centers, and, consequently, dollars loaded to cards, cardholder fees, and interchange, as there continues to be an increase in demand
for plasma driven by global increases in plasma protein therapies. The increase in pharma revenue was primarily due to the launch of 32
net new pharma patient affordability programs since September 30, 2023 and the subsequent growth in monthly management and setup fees,
claim processing fees, and other billable services such as call center support. The increase in other revenue was primarily due to the
growth and usage in the number of cardholders of our payroll, retail, and corporate incentive programs.
Cost of revenues for the three months ended September
30, 2024 increased $714,910 compared to the same period in the prior year. Cost of revenues is comprised of transaction processing fees,
data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service, program management,
application integration setup, and sales and commission expense. The increase in cost of revenues consisted primarily of (i) increased
customer care expense of approximately $293,000 associated with the growth in our business, wage inflation pressures, a tight labor market,
and increased benefit costs; (ii) increased third-party program management of approximately $173,000 associated with our pharma revenue;
(iii) increased sales commission expense of approximately $175,000 related to the increase in overall revenue for programs in which we
pay commission expenses; (iv) increased fraud charges of approximately $123,000; and (v) and increased network fees of approximately $34,000,
which was driven predominantly by increased ATM network usage associated with growth in our card programs and increases in transaction
fees related to inflationary pressures. These increases were offset by a decline in postage of approximately $42,000 and a decline in
plastics and collateral of approximately $36,000.
Gross profit for the three months ended September
30, 2024 increased $2,141,196 compared to the same period in the prior year, resulting primarily from the increase in plasma revenue and
the beneficial impact of a variable cost structure, as many of the plasma transaction costs are variable in nature and are provided by
third-parties who charge us based on the number of active cards outstanding and transactions that occurred during the period. Gross profit
also benefited from the growth in our pharma patient affordability business. The increase in gross profit was offset by price increases
from many of our third-party service providers, and an increase in customer service and fraud expenses mentioned above. The increase in
gross margin resulted from the aforementioned factors.
Selling, general and administrative expenses
for the three months ended September 30, 2024 increased $1,521,335 compared to the same period in the prior year and consisted primarily
of an increase in (i) compensation and benefits of approximately $1,821,000 due to continued hiring to support the Company’s growth,
a tight labor market, and increased benefit costs; (ii) technologies and telecom of approximately $279,000 primarily related to ongoing
platform security investments; and (iii) all other operating expenses of approximately $16,000. This increase was offset by a decrease
in stock compensation of approximately $136,000 and an increase of $459,000 in the amount of capitalized platform development costs.
Depreciation and amortization expense for the
three months ended September 30, 2024 increased $520,444 compared to the same period in the prior year. The increase in depreciation and
amortization expense was primarily due to continued capitalization of new software development costs and equipment purchases related to
continued enhancements to our processing platform and employment growth.
For the three months ended September 30, 2024,
we recorded income from operations of $689,849 representing an improvement of $99,417 compared to income from operations of $590,432 during
the same period in the prior year, related to the aforementioned factors.
Other income for the three months ended September
30, 2024 increased $185,391 primarily related to an increase in interest rates and the associated interest income received on higher average
bank account balances at our sponsor bank.
At September 30, 2024, our income tax expense
was $53,727, which equates to an effective tax rate of 3.6% primarily as a result of tax benefits
related to our stock-based compensation and changes to the Company’s valuation allowance recorded on its net deferred tax assets.
We recorded an income tax expense of $105,152 for the three months ended September 30, 2023, which equates to an effective tax rate of
8.7% primarily as a result of the full valuation on our deferred tax assets in both the current
and prior period and the tax benefit related to our stock-based compensation.
The net income for the three months ended September
30, 2024 was $1,436,837, an improvement of $336,233 compared to the net income of $1,100,604 for the three months ended September 30,
2023. The overall change in net income relates to the aforementioned factors.
Comparison of the Nine Months Ended September
30, 2024 to the Nine Months Ended September 30, 2023
The following table summarizes our consolidated financial results for
the nine months ended September 30, 2024 in comparison to the nine months ended September 30, 2023:
| |
Nine months ended September 30, (Unaudited) | | |
Variance | |
| |
2024 | | |
2023 | | |
$ | | |
% | |
Revenues | |
| | | |
| | | |
| | | |
| | |
Plasma industry | |
$ | 33,080,830 | | |
$ | 30,436,240 | | |
$ | 2,644,590 | | |
| 8.7% | |
Pharma industry | |
| 8,338,433 | | |
| 2,345,068 | | |
| 5,993,365 | | |
| 255.6% | |
Other | |
| 1,358,841 | | |
| 803,358 | | |
| 555,483 | | |
| 69.1% | |
Total revenues | |
| 42,778,104 | | |
| 33,584,666 | | |
| 9,193,438 | | |
| 27.4% | |
Cost of revenues | |
| 19,779,776 | | |
| 16,589,139 | | |
| 3,190,637 | | |
| 19.2% | |
Gross profit | |
| 22,998,328 | | |
| 16,995,527 | | |
| 6,002,801 | | |
| 35.3% | |
Gross margin % | |
| 53.8% | | |
| 50.6% | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 18,149,506 | | |
| 14,946,584 | | |
| 3,202,922 | | |
| 21.4% | |
Depreciation and amortization | |
| 4,291,648 | | |
| 2,848,194 | | |
| 1,443,454 | | |
| 50.7% | |
Total operating expenses | |
| 22,441,154 | | |
| 17,794,778 | | |
| 4,646,376 | | |
| 26.1% | |
Income (loss) from operations | |
$ | 557,174 | | |
$ | (799,251 | ) | |
$ | 1,356,425 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
$ | 2,345,416 | | |
$ | 1,800,388 | | |
$ | 545,028 | | |
| 30.3% | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 2,443,035 | | |
$ | 836,318 | | |
$ | 1,606,717 | | |
| 192.1% | |
Net margin % | |
| 5.7% | | |
| 2.5% | | |
| | | |
| | |
The increase in total revenues of $9,193,438 for
the nine months ended September 30, 2024 compared to the same period in the prior year consisted primarily of a $2,644,590 increase in
plasma revenue, a $5,993,365 increase in pharma revenue, and a $555,483 increase in other revenue. The increase in plasma revenue was
primarily due to the addition of 16 net new plasma centers since September 30, 2023 and rise in the number of donations at existing plasma
centers, and, consequently, dollars loaded to cards, cardholder fees, and interchange, as there continues to be an increase in demand
for plasma driven by global increases in plasma protein therapies. The increase in pharma revenue was primarily due to the launch of 32
net new pharma patient affordability programs since September 30, 2023 and the subsequent growth in monthly management and setup fees,
claim processing fees, and other billable services such as call center support. The increase in other revenue was primarily due to the
growth and usage in the number of cardholders of our payroll, retail, and corporate incentive programs.
Cost of revenues for the nine months ended September
30, 2024 increased $3,190,637 compared to the same period in the prior year. Cost of revenues is comprised of transaction processing fees,
data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service, program management,
application integration setup, and sales and commission expense. The increase in cost of revenues consisted primarily of (i) increased
network fees of approximately $1,413,000, which was driven predominantly by increased ATM network usage associated with growth in our
card programs and increases in transaction fees related to inflationary pressures; (ii) increased sales commission expense of approximately
$510,000 related to the increase in overall revenue for programs in which we pay commission expenses; (iii) increased customer care expense
of approximately $637,000 associated with the growth in our business, wage inflation pressures, a tight labor market, and increased benefit
costs; (iv) increased fraud charges of approximately $407,000; and (v) and increased third-party program management of approximately $409,000
related to the growth in our pharma patient affordability business. These increases were offset by a decline in plastics and collateral
of approximately $161,000.
Gross profit for the nine months ended September
30, 2024 increased $6,002,801 compared to the same period in the prior year resulting primarily from the increase in plasma revenue and
the beneficial impact of a variable cost structure, as many of the plasma transaction costs are variable in nature and are provided by
third parties who charge us based on the number of active cards outstanding and transactions that occurred during the period. Gross profit
also benefited from the growth in our pharma patient affordability business. The increase in gross profit was offset by price increases
from many of our third-party service providers and an increase in customer service and fraud expenses mentioned above. The increase in
gross margin resulted from the aforementioned factors.
Selling, general and administrative expenses
for the nine months ended September 30, 2024 increased $3,202,922 compared to the same period in the prior year and consisted primarily
of an increase in (i) compensation and benefits of approximately $4,012,000 due to continued hiring to support the Company’s growth,
a tight labor market, and increased benefit costs; (ii) technologies and telecom expense of approximately $963,000 primarily related to
ongoing platform security investments; and (iii) all other operating expenses of approximately $77,000. This increase was offset by a
decrease in non-IT professional audit and legal services of approximately $274,000, a decrease in stock compensation of approximately
$251,000 and a $1,325,000 increase in the amount of capitalized platform development costs.
Depreciation and amortization expense for the
nine months ended September 30, 2024 increased $1,443,454 compared to the same period in the prior year. The increase in depreciation
and amortization expense was primarily due to continued capitalization of new software development costs and equipment purchases related
to continued enhancements to our processing platform and employment growth.
For the nine months ended September 30, 2024,
we recorded income from operations of $557,174 representing an improvement of $1,356,425 compared to loss from operations of $799,251
during the same period in the prior year related to the aforementioned factors.
Other income for the nine months ended September
30, 2024 increased $545,028 primarily related to an increase in interest rates and the associated interest income received on higher average
bank account balances at our sponsor bank.
At September 30, 2024, our income tax expense
was $459,555, which equates to an effective tax rate of 15.8% primarily as a result of tax benefits
related to our stock-based compensation and changes to the Company’s valuation allowance recorded on its net deferred tax assets.
We recorded an income tax expense of $164,819 for the nine months ended September 30, 2023, which equates to an effective tax rate of
16.5% primarily as a result of the full valuation on our deferred tax assets in both the
current and prior period and the tax benefit related to our stock-based compensation.
The net income for the nine months ended September
30, 2024 was $2,443,035, an improvement of $1,606,717 compared to the net income of $836,318 for the nine months ended September 30, 2023.
The overall change in net income relates to the aforementioned factors.
Key Performance Indicators and Non-GAAP Measures
Management reviews a number of metrics to help
us monitor the performance of and identify trends affecting our business. We believe the following measures are the primary indicators
of our quarterly and annual revenues:
Gross Dollar Volume Loaded on Cards: Represents
the total dollar volume of funds loaded to all of our prepaid card programs. Our gross dollar volume loaded on cards was $456 million
and $448 million for the three months ended September 30, 2024 and 2023, respectively. Our gross dollar volume loaded on cards was
$1,339 million and $1,232 million for the nine months ended September 30, 2024 and 2023, respectively. We use this metric to analyze the
total amount of money moving into our prepaid card programs.
Conversion Rates on Gross Dollar Volume Loaded
on Cards: Represents revenues, gross profit or net income conversion rates of gross dollar volume loaded on cards which are calculated
by taking our total revenues, gross profit or net income, respectively, as a numerator and dividing by the gross dollar volume loaded
on cards as a denominator. As we derive a number of our financial results from cardholder fees, we utilize these metrics as an indication
of the amount of money that is added to cards and will eventually be converted to revenues, gross profit and net income. Our total revenue
conversion rates for the three months ended September 30, 2024 and 2023 were 3.34% or 334 basis points (“bps”), and 2.77%
or 277 bps, respectively, of gross dollar volume loaded on cards. Our total gross profit conversion rates for the three months ended September
30, 2024 and 2023 were 1.86% or 186 bps, and 1.41% or 141 bps, respectively, of gross dollar volume loaded on cards. Our net income conversion
rates for the three months ended September 30, 2024 and 2023 were 0.31% or 31 bps, and 0.25% or 25 bps, respectively, of gross dollar
volume loaded on cards. Our total revenue conversion rates for the nine months ended September 30, 2024 and 2023 were 3.20% or 320 basis
points bps, and 2.73% or 273 bps, respectively, of gross dollar volume loaded on cards. Our total gross profit conversion rates for the
nine months ended September 30, 2024 and 2023 were 1.72% or 172 bps, and 1.38% or 138 bps, respectively, of gross dollar volume loaded
on cards. Our net income conversion rates for the nine months ended September 30, 2024 and 2023 were 0.18% or 18 bps, and 0.07% or 7 bps,
respectively, of gross dollar volume loaded on cards.
Management also reviews key performance indicators,
such as revenues, gross profit, operational expenses as a percent of revenues, and cardholder participation. In addition, we consider
certain non-GAAP (or “adjusted”) measures to be useful to management and investors evaluating our operating performance for
the periods presented and provide a financial tool for evaluating our ongoing operations, liquidity and management of assets. This information
can assist investors in assessing our financial performance and measures our ability to generate capital for deployment and investment
in new card programs. These adjusted metrics are consistent with how management views our business and are used to make financial, operating
and planning decisions. These metrics, however, are not measures of financial performance under GAAP and should not be considered a substitute
for revenue, operating income, net income, earnings per share (basic and diluted) or net cash from operating activities as determined
in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported
by other companies, to be key performance indicators:
“EBITDA” is defined as earnings before
interest, income taxes, depreciation and amortization expense and “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude
stock-based compensation expense. A reconciliation of net income to Adjusted EBITDA is provided in the table below.
| |
Three Months Ended September 30, | | |
Nine months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Reconciliation of Adjusted EBITDA to net income: | |
| | |
| | |
| | |
| |
Net income | |
$ | 1,436,837 | | |
$ | 1,100,604 | | |
$ | 2,443,035 | | |
$ | 836,318 | |
Income tax provision | |
| 53,727 | | |
| 105,152 | | |
| 459,555 | | |
| 164,819 | |
Interest income, net | |
| (800,715 | ) | |
| (615,324 | ) | |
| (2,345,416 | ) | |
| (1,800,388 | ) |
Depreciation and amortization | |
| 1,565,621 | | |
| 1,045,177 | | |
| 4,291,648 | | |
| 2,848,194 | |
EBITDA | |
| 2,255,470 | | |
| 1,635,609 | | |
| 4,848,822 | | |
| 2,048,943 | |
Stock-based compensation | |
| 573,499 | | |
| 709,750 | | |
| 1,907,588 | | |
| 2,158,420 | |
Adjusted EBITDA | |
$ | 2,828,969 | | |
$ | 2,345,359 | | |
$ | 6,756,410 | | |
$ | 4,207,363 | |
Liquidity and Capital Resources
Capital Resources
The following table sets forth the major sources
and uses of cash:
| |
Nine months ended September 30, (Unaudited) | |
| |
2024 | | |
2023 | |
Net cash provided by operating activities | |
$ | 8,633,922 | | |
$ | 4,180,064 | |
Net cash used in investing activities | |
| (7,087,867 | ) | |
| (4,999,986 | ) |
Net cash used in financing activities | |
| (331,695 | ) | |
| (1,118,284 | ) |
Net increase (decrease) in cash and restricted cash | |
$ | 1,214,360 | | |
$ | (1,938,206 | ) |
Comparison of Nine Months Ended September 30,
2024 and 2023
During the nine months ended September 30, 2024
and 2023, we financed our operations through internally generated funds.
Operating activities provided $8,633,922 of cash
as of September 30, 2024, an increase of $4,453,858 compared to the same period last year. This change in cash flow is primarily due to
increases in operating assets and liabilities. The changes in accounts receivable, accounts payable, and customer card funding are primarily
related to the growth in our pharma patient affordability business and timing of payments as we are invoiced by third-party service providers
at the end of the period and are due monies from our pharma patient affordability customers to cover these third-party payables. The increase
in cash flows from operating activities was also impacted by net income and non-cash adjustments for depreciation and amortization, deferred
income taxes, stock-based compensation, and lease expenses.
We used net cash in investing activities during
the nine months ended September 30, 2024 and 2023 of $7,087,867 and $4,999,986, respectively. Cash used for investing activities was primarily
attributed to an increase in the capitalization of internally developed software as we continue to invest in our technology platform.
Finance activities during
the nine months ended September 30, 2024 used $331,695 in cash, attributable to the repurchase of 100,000 shares of the Company’s
common stock at a weighted average price of $3.60 per share offset by proceeds received of $28,800 for the exercise of stock options.
Financing activities during the nine months ended September 30, 2023 used $1,118,284 in cash, attributable to the repurchase of 394,558
shares of the Company’s common stock at a weighted average price of $2.86 per share offset by proceeds received of $9,600 for the
exercise of stock options.
Our significant contractual cash requirements
also include ongoing payments for lease liabilities. For additional information regarding our cash commitments and contractual obligations,
see “Note 4 – LEASE” in the notes to the accompanying condensed consolidated financial statements.
Sources of Liquidity
Unrestricted cash was $10,293,207 as of September
30, 2024, an increase of $356,580 compared to the same period in the prior year. The increase resulted primarily from the improvement
in our operating results. We believe that our available cash on hand, excluding restricted cash, at September 30, 2024 of $10,293,207,
along with our forecast for revenues and cash flows for the remainder of 2024 and through the third quarter of 2026, will be sufficient
to sustain our operations for the next 24 months. In light of the elevated interest rates and increased refinancing risks related to commercial
real estate holdings on bank balance sheets, we continue to monitor the health and soundness of our bank relationships through publicly
available information. Based on recent SEC filings, we have not discovered any issues that would cause us to alter our bank relationships.
Critical Accounting Policies and Estimates
Our significant accounting policies are described
in Note 2 of the Notes to Consolidated Financial Statements of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
The preparation of consolidated financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements
and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Our estimates are based on our experience and
our interpretation of economic, political, regulatory, and other factors that affect our business prospects. Actual results may differ
significantly from our estimates.
Item 3. Quantitative and
Qualitative Disclosures about Market Risk.
Because we are a smaller reporting company, we
are not required to provide the information called for by this Item.
Item 4. Controls and Procedures.
Disclosure Controls and Procedures
Disclosure controls and procedures means controls
and other procedures that are designed to ensure that the information we are required to disclose in the reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules
and forms, and to ensure that information required to be disclosed by us in those reports is accumulated and communicated to our management,
including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure. Our chief executive officer and chief financial officer evaluated the effectiveness of our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2024. Based on that evaluation,
our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures were effective as of
September 30, 2024, the end of the period covered by this Quarterly Report on Form 10-Q.
Changes in Internal Control over Financial
Reporting
During the quarter ended September 30, 2024, there
have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings.
From time to time, we may become involved in various
lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these or other matters may arise from time to time that may harm our business.
The Company has been named as a defendant in three
securities class action complaints filed in the United States District Court for the District of Nevada: Yilan Shi v. Paysign, Inc. et
al., filed on March 19, 2020 (“Shi”), Lorna Chase v. Paysign, Inc. et al., filed on March 25, 2020 (“Chase”),
and Smith & Duvall v. Paysign, Inc. et al., filed on April 2, 2020 (collectively, the “Complaints” or “Securities
Class Action”). Smith & Duvall v. Paysign, Inc. et al. was voluntarily dismissed on May 21, 2020. On May 18, 2020, the Shi plaintiffs
and another entity called the Paysign Investor Group each filed a motion to consolidate the remaining Shi and Chase actions and to be
appointed lead plaintiff. The Complaints are putative class actions filed on behalf of a class of persons who acquired the Company’s
common stock from March 19, 2019 through March 31, 2020, inclusive. The Complaints generally allege that the Company, Mark R. Newcomer,
and Mark Attinger violated Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that
Messrs. Newcomer and Attinger violated Section 20(a) of the Exchange Act, by making materially false or misleading statements, or failing
to disclose material facts, regarding the Company’s internal control over financial reporting and its financial statements. The
Complaints seek class action certification, compensatory damages, and attorney’s fees and costs. On December 2, 2020, the Court
consolidated Shi and Chase as In re Paysign, Inc. Securities Litigation and appointed the Paysign Investor Group as lead plaintiff. On
January 12, 2021, Plaintiffs filed an Amended Complaint in the consolidated action. Defendants filed a Motion to Dismiss the Amended Complaint
on March 15, 2021. On February 9, 2023, the Court granted in part and denied in part Defendants’ Motion to Dismiss. On May 22, 2023,
Defendants filed an Answer to the Amended Complaint. On December 15, 2023, the parties agreed in principle to a proposed settlement of
the Securities Class Action and Plaintiffs filed a Consented Motion for Preliminary Approval of Settlement. On January 4, 2024, the Court
preliminarily approved a settlement in the amount of $3,750,000, the entirety of which came from the Company’s directors-and-officers
insurance policy, for the referenced class of purchasers, and scheduled a final approval hearing for April 17, 2024. On April 17, 2024,
the Court conducted the final approval hearing and approved the settlement and, on April 18, 2024, issued an order and final judgment
thereon.
The Company has also been named as a nominal defendant
in four stockholder derivative actions currently pending in the United States District Court for the District of Nevada. The first-filed
derivative action is entitled Andrzej Toczek, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. and was filed on September
17, 2020. This action alleges violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste,
largely in connection with the failure to correct information technology controls over financial reporting alleged in the Securities Class
Action, thereby causing the Company to face exposure in the Securities Class Action. The complaint also alleges insider trading violations
against certain individual defendants. The second-filed derivative action is entitled John K. Gray, derivatively on behalf of Paysign,
Inc. v. Mark Attinger, et al. and was filed on May 9, 2022. This action involves the same alleged conduct raised in the Toczek action
and asserts claims for breach of fiduciary duty in connection with financial reporting, breach of fiduciary duty in connection with alleged
insider trading against certain individual defendants, and unjust enrichment. On June 3, 2022, the Court approved a stipulation staying
the action until the Court in the consolidated Securities Class Action issued a ruling on the Motion to Dismiss. On May 10, 2023, the
Toczek and Gray actions were consolidated.
The Company has also been named as a nominal defendant
in a third stockholder derivative action initially filed in state court in Clark County, Nevada, on October 2, 2023, entitled Simone Blanchette,
derivatively on behalf of Paysign, Inc. v. Mark Newcomer, et al, which the defendants subsequently removed to federal district court in
Nevada pursuant to a Notice of Removal filed on October 10, 2023. That complaint makes substantially the same allegations as made in the
consolidated Toczek and Gray actions, and also contains a claim that the individual defendants violated Section 10(b) and Rule 10b-5 promulgated
thereunder. On December 7, 2023, the parties requested that the action be stayed for sixty days due to the settlement negotiations in
the consolidated Toczek and Gray actions, and the Court granted the sixty-day stay on December 11, 2023. Subsequently, the Court extended
that deadline to March 29, 2024 and then to May 29, 2024 based upon the parties’ stipulations.
The Company has also been named as a nominal defendant
in a fourth stockholder derivative action in the United States District Court for the District of Nevada, filed on December 27, 2023,
entitled Mo Jeewa, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. That complaint makes substantially the same allegations
as made in the consolidated Toczek and Gray actions and the Blanchette action discussed above, and alleges breach of fiduciary duty and
unjust enrichment.
On October 4, 2024, the parties to the four shareholder
derivative actions agreed to a mediator’s proposal to settle all four actions. The parties are currently in the process of documenting
that settlement and intend to submit the proposed settlement to the district court for approval pursuant to Rule 23.1 of the Federal Rules
of Civil Procedure.
The four shareholder derivative actions settled
by the Company agree to certain corporate therapeutics and the payment of a total of $607,500 in attorneys’ fees split among counsel
in all four of the existing derivative actions, which will be paid by the Company’s insurer.
Item
1A. Risk Factors.
Because we are a smaller reporting company, we
are not required to provide the information called for by this Item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
The following table sets forth certain information
relating to the purchases of our common stock by us and any affiliated purchasers within the meaning of Rule 10b-18(a)(3) under the Exchange
Act during the three months ended September 30, 2024.
Period | |
Total Number of Shares Purchased | | |
Weighted Average Price Paid Per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | | |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |
| |
| | |
| | |
| | |
| |
July 1, 2024 – July 31, 2024 | |
| – | | |
| – | | |
| – | | |
$ | 3,872,116 | |
August 1, 2024 – August 31, 2024 | |
| – | | |
| – | | |
| – | | |
| 3,872,116 | |
September 1, 2024 – September 30, 2024 | |
| 100,000 | | |
| 3.60 | | |
| 100,000 | | |
| 3,511,621 | |
Total | |
| 100,000 | | |
| 3.60 | | |
| 100,000 | | |
$ | 3,511,621 | |
(1) On March 21, 2023, our Board authorized a
stock repurchase program to repurchase up to $5 million of our common stock, subject to certain conditions, in the open market, in privately
negotiated transactions, or by other means in compliance with Rule 10b-18 under the Exchange Act. The program is expected to be completed
within 36 months from the commencement date. As of September 30, 2024, the Company repurchased 494,558 shares of common stock for $1,488,379
at a weighted average price of $3.01 per share.
Item
5. Other Information.
During the quarter ended September
30, 2024, no director or officer of the Company, other than Mark Newcomer, adopted or terminated a “Rule 10b5-1 trading arrangement”
or a “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).
On June
12, 2024, Mark
Newcomer, our President
and Chief Executive Officer, adopted
a Rule 10b5-1 trading plan, which plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange
Act. The plan expires on June
11, 2025 and provides for the purchase or sale of an aggregate of 1.2
million shares of common stock.
Item 6. Exhibits.
31.1* |
Rule 13a-14(a)/15d-14(a) Certifications |
31.2* |
Rule 13a-14(a)/15d-14(a) Certifications |
32.1* |
Section 1350 Certifications |
32.2* |
Section 1350 Certifications |
101.INS |
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
Cover Page Interactive Data File (formatted in iXBRL, and included in exhibit 101). |
______________
* |
Filed/ furnished herewith, as applicable. |
|
|
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
PAYSIGN, INC. |
|
|
|
|
Date: November 6, 2024 |
/s/ Mark Newcomer |
|
By: Mark Newcomer, President and Chief Executive Officer
(Principal Executive Officer) |
|
|
|
|
Date: November 6, 2024 |
/s/ Jeff Baker |
|
By: Jeff Baker, Chief Financial Officer
(Principal Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATIONS
I, Mark Newcomer, certify
that:
1. I have reviewed this quarterly
report on Form 10-Q for the period ended September 30, 2024 (the “report”) of Paysign, Inc.;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent
functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: November 6, 2024 |
/s/ Mark Newcomer |
|
Mark Newcomer,
President and Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, Jeff Baker, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the period ended September 30, 2024 (the “report”) of Paysign, Inc.;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent
functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: November 6, 2024 |
/s/ Jeff Baker |
|
Jeff Baker
Chief Financial Officer
(Principal Financial and Accounting Officer) |
Exhibit 32.1
SECTION 1350 CERTIFICATIONS
Pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Mark Newcomer, the President and Chief Executive Officer of Paysign, Inc.,
a Nevada corporation (the “Company”), do hereby certify, to the best of my knowledge, that:
1. The Quarterly Report on Form 10-Q for the period
ended September 30, 2024 (the “Report”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Mark Newcomer |
|
Mark Newcomer,
President and Chief Executive Officer
(Principal Executive Officer) |
|
Date: November 6, 2024
This certification accompanies the Quarterly Report
on Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference
into any filing of Paysign, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether
made before or after the date of the Quarterly Report on Form 10-Q), irrespective of any general incorporation language contained in such
filing.
Exhibit 32.2
SECTION 1350 CERTIFICATIONS
Pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Jeff Baker, the Chief Financial Officer of Paysign, Inc., a Nevada corporation
(the “Company”), do hereby certify, to the best of my knowledge, that:
1. The Quarterly Report on Form 10-Q for the period
ended September 30, 2024 (the “Report”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Jeff Baker |
|
Jeff Baker
Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
Date: November 6, 2024
This certification accompanies the Quarterly Report
on Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference
into any filing of Paysign, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether
made before or after the date of the Quarterly Report on Form 10-Q), irrespective of any general incorporation language contained in such
filing.
v3.24.3
Cover - shares
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Sep. 30, 2024 |
Oct. 31, 2024 |
Cover [Abstract] |
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|
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Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-38623
|
|
Entity Registrant Name |
PAYSIGN, INC.
|
|
Entity Central Index Key |
0001496443
|
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Entity Tax Identification Number |
95-4550154
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NV
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2615 St. Rose Parkway
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Henderson
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NV
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Common Stock, $0.001 par value per share
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 10,293,207
|
$ 16,994,705
|
Restricted cash |
100,272,166
|
92,356,308
|
Accounts receivable, net |
32,796,871
|
16,222,341
|
Other receivables |
1,736,387
|
1,585,983
|
Prepaid expenses and other current assets |
2,400,674
|
2,020,781
|
Total current assets |
147,499,305
|
129,180,118
|
Fixed assets, net |
1,138,492
|
1,089,649
|
Intangible assets, net |
11,561,703
|
8,814,327
|
Operating lease right-of-use asset |
2,900,611
|
3,215,025
|
Deferred tax asset, net |
3,873,953
|
4,299,730
|
Total assets |
166,974,064
|
146,598,849
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
35,349,723
|
26,517,567
|
Operating lease liability, current portion |
424,366
|
383,699
|
Customer card funding |
100,091,865
|
92,282,124
|
Total current liabilities |
135,865,954
|
119,183,390
|
Operating lease liability, long-term portion |
2,601,801
|
2,928,078
|
Total liabilities |
138,467,755
|
122,111,468
|
Commitments and contingencies (Note 8) |
|
|
Stockholders’ equity |
|
|
Preferred stock: $0.001 par value; 25,000,000 shares authorized; none issued and outstanding |
0
|
0
|
Common stock; $0.001 par value; 150,000,000 shares authorized, 54,324,382 and 53,452,382 issued at September 30, 2024 and December 31, 2023, respectively |
54,324
|
53,452
|
Additional paid-in capital |
23,935,238
|
21,999,722
|
Treasury stock at cost, 798,008 and 698,008 shares, respectively |
(1,638,379)
|
(1,277,884)
|
Retained earnings |
6,155,126
|
3,712,091
|
Total stockholders’ equity |
28,506,309
|
24,487,381
|
Total liabilities and stockholders’ equity |
$ 166,974,064
|
$ 146,598,849
|
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
25,000,000
|
25,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
54,324,382
|
53,452,382
|
Treasury stock shares |
798,008
|
698,008
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Revenues |
|
|
|
|
Total revenues |
$ 15,256,431
|
$ 12,400,325
|
$ 42,778,104
|
$ 33,584,666
|
Cost of revenues |
6,783,117
|
6,068,207
|
19,779,776
|
16,589,139
|
Gross profit |
8,473,314
|
6,332,118
|
22,998,328
|
16,995,527
|
Operating expenses |
|
|
|
|
Selling, general and administrative |
6,217,844
|
4,696,509
|
18,149,506
|
14,946,584
|
Depreciation and amortization |
1,565,621
|
1,045,177
|
4,291,648
|
2,848,194
|
Total operating expenses |
7,783,465
|
5,741,686
|
22,441,154
|
17,794,778
|
Income (loss) from operations |
689,849
|
590,432
|
557,174
|
(799,251)
|
Other income |
|
|
|
|
Interest income, net |
800,715
|
615,324
|
2,345,416
|
1,800,388
|
Income before income tax provision |
1,490,564
|
1,205,756
|
2,902,590
|
1,001,137
|
Income tax provision |
53,727
|
105,152
|
459,555
|
164,819
|
Net income |
$ 1,436,837
|
$ 1,100,604
|
$ 2,443,035
|
$ 836,318
|
Net income per share |
|
|
|
|
Basic |
$ 0.03
|
$ 0.02
|
$ 0.05
|
$ 0.02
|
Diluted |
$ 0.03
|
$ 0.02
|
$ 0.04
|
$ 0.02
|
Weighted average common shares |
|
|
|
|
Basic |
53,450,613
|
52,548,101
|
53,102,454
|
52,404,049
|
Diluted |
56,051,960
|
53,484,674
|
55,613,026
|
54,286,492
|
Plasma Industry [Member] |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
$ 11,439,534
|
$ 11,061,712
|
$ 33,080,830
|
$ 30,436,240
|
Pharmaceutical Industry [Member] |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
3,274,888
|
1,026,270
|
8,338,433
|
2,345,068
|
Other Revenue [Member] |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
$ 542,009
|
$ 312,343
|
$ 1,358,841
|
$ 803,358
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 52,650
|
$ 19,137,281
|
$ (150,000)
|
$ (2,746,636)
|
$ 16,293,295
|
Beginning balance, shares at Dec. 31, 2022 |
52,650,382
|
|
(303,450)
|
|
|
Stock issued upon vesting of restricted stock |
$ 118
|
(118)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
118,000
|
|
|
|
|
Stock-based compensation |
|
618,244
|
|
|
618,244
|
Repurchase of common stock |
|
|
$ (666,018)
|
|
(666,018)
|
Repurchase of common stock, shares |
|
|
(200,000)
|
|
|
Net income |
|
|
|
(160,130)
|
(160,130)
|
Ending balance, value at Mar. 31, 2023 |
$ 52,768
|
19,755,407
|
$ (816,018)
|
(2,906,766)
|
16,085,391
|
Ending balance, shares at Mar. 31, 2023 |
52,768,382
|
|
(503,450)
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 52,650
|
19,137,281
|
$ (150,000)
|
(2,746,636)
|
16,293,295
|
Beginning balance, shares at Dec. 31, 2022 |
52,650,382
|
|
(303,450)
|
|
|
Net income |
|
|
|
|
836,318
|
Ending balance, value at Sep. 30, 2023 |
$ 53,382
|
21,304,569
|
$ (1,277,884)
|
(1,910,318)
|
18,169,749
|
Ending balance, shares at Sep. 30, 2023 |
53,382,382
|
|
(698,008)
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 52,768
|
19,755,407
|
$ (816,018)
|
(2,906,766)
|
16,085,391
|
Beginning balance, shares at Mar. 31, 2023 |
52,768,382
|
|
(503,450)
|
|
|
Stock issued upon vesting of restricted stock |
$ 70
|
(70)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
70,000
|
|
|
|
|
Exercise of stock options |
$ 4
|
9,596
|
|
|
9,600
|
Exercise of stock options, shares |
4,000
|
|
|
|
|
Stock-based compensation |
|
830,426
|
|
|
830,426
|
Repurchase of common stock |
|
|
$ (311,649)
|
|
(311,649)
|
Repurchase of common stock, shares |
|
|
(119,558)
|
|
|
Net income |
|
|
|
(104,156)
|
(104,156)
|
Ending balance, value at Jun. 30, 2023 |
$ 52,842
|
20,595,359
|
$ (1,127,667)
|
(3,010,922)
|
16,509,612
|
Ending balance, shares at Jun. 30, 2023 |
52,842,382
|
|
(623,008)
|
|
|
Stock issued upon vesting of restricted stock |
$ 540
|
(540)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
540,000
|
|
|
|
|
Stock-based compensation |
|
709,750
|
|
|
709,750
|
Repurchase of common stock |
|
|
$ (150,217)
|
|
(150,217)
|
Repurchase of common stock, shares |
|
|
(75,000)
|
|
|
Net income |
|
|
|
1,100,604
|
1,100,604
|
Ending balance, value at Sep. 30, 2023 |
$ 53,382
|
21,304,569
|
$ (1,277,884)
|
(1,910,318)
|
18,169,749
|
Ending balance, shares at Sep. 30, 2023 |
53,382,382
|
|
(698,008)
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 53,452
|
21,999,722
|
$ (1,277,884)
|
3,712,091
|
24,487,381
|
Beginning balance, shares at Dec. 31, 2023 |
53,452,382
|
|
(698,008)
|
|
|
Stock issued upon vesting of restricted stock |
$ 214
|
(214)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
214,000
|
|
|
|
|
Stock-based compensation |
|
663,951
|
|
|
663,951
|
Net income |
|
|
|
309,096
|
309,096
|
Ending balance, value at Mar. 31, 2024 |
$ 53,666
|
22,663,459
|
$ (1,277,884)
|
4,021,187
|
25,460,428
|
Ending balance, shares at Mar. 31, 2024 |
53,666,382
|
|
(698,008)
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 53,452
|
21,999,722
|
$ (1,277,884)
|
3,712,091
|
24,487,381
|
Beginning balance, shares at Dec. 31, 2023 |
53,452,382
|
|
(698,008)
|
|
|
Net income |
|
|
|
|
2,443,035
|
Ending balance, value at Sep. 30, 2024 |
$ 54,324
|
23,935,238
|
$ (1,638,379)
|
6,155,126
|
28,506,309
|
Ending balance, shares at Sep. 30, 2024 |
54,324,382
|
|
(798,008)
|
|
|
Beginning balance, value at Mar. 31, 2024 |
$ 53,666
|
22,663,459
|
$ (1,277,884)
|
4,021,187
|
25,460,428
|
Beginning balance, shares at Mar. 31, 2024 |
53,666,382
|
|
(698,008)
|
|
|
Stock issued upon vesting of restricted stock |
$ 106
|
(106)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
106,000
|
|
|
|
|
Exercise of stock options |
$ 10
|
23,990
|
|
|
24,000
|
Exercise of stock options, shares |
10,000
|
|
|
|
|
Stock-based compensation |
|
670,138
|
|
|
670,138
|
Net income |
|
|
|
697,102
|
697,102
|
Ending balance, value at Jun. 30, 2024 |
$ 53,782
|
23,357,481
|
$ (1,277,884)
|
4,718,289
|
26,851,668
|
Ending balance, shares at Jun. 30, 2024 |
53,782,382
|
|
(698,008)
|
|
|
Stock issued upon vesting of restricted stock |
$ 540
|
(540)
|
|
|
|
Stock issued upon vesting of restricted stock, shares |
540,000
|
|
|
|
|
Exercise of stock options |
$ 2
|
4,798
|
|
|
4,800
|
Exercise of stock options, shares |
2,000
|
|
|
|
|
Stock-based compensation |
|
573,499
|
|
|
573,499
|
Repurchase of common stock |
|
|
$ (360,495)
|
|
(360,495)
|
Repurchase of common stock, shares |
|
|
(100,000)
|
|
|
Net income |
|
|
|
1,436,837
|
1,436,837
|
Ending balance, value at Sep. 30, 2024 |
$ 54,324
|
$ 23,935,238
|
$ (1,638,379)
|
$ 6,155,126
|
$ 28,506,309
|
Ending balance, shares at Sep. 30, 2024 |
54,324,382
|
|
(798,008)
|
|
|
X |
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